Amazon’s Jeff Bezos To Spend Nearly $100 Million To Address Homelessness


Jeff Bezos outlined plans to provide near $100 million to handle homelessness in America. (Photographer: Andrew Harrer/Bloomberg)© 2018 Bloomberg Finance LP

The world’s richest man, Jeff Bezos, is giving practically $100 million to handle homelessness in America in what quantities to his largest publicly-announced charitable donation but.

On Tuesday, the Amazon founder and CEO outlined his plans to provide $97.5 million to two dozen nonprofits across the nation which are offering companies to the homeless. This is the primary spherical of giving that Bezos will conduct as a part of his Day One Fund, introduced in September, during which he pledged $2 billion to assist homeless households and create Montessori-inspired preschools. (Bezos himself attended a Montessori faculty.)

The nonprofits that may obtain funding are positioned in locations like San Francisco, Washington, D.C., and Omaha, the place they function emergency and short-term shelters and in addition assist households transfer into everlasting housing. Each group will obtain $2.5 million or $5 million from the Day 1 Families Fund. The cash might be used to assist the organizations “expand the scope and impact of their efforts,” in response to an announcement.

“Congrats to the recipients—we know you’ll spend the money wisely and with heart,” wrote Bezos in a tweet.

One recipient is the Urban Resource Institute in New York, which plans to make use of its $5 million grant to bolster the job coaching and placement it may possibly present to homeless households, with a concentrate on jobs that pay greater than minimal wage or are more and more in demand, in areas like coding. The non-profit operates 12 home violence shelters and 6 homeless shelters in New York City, together with one for homeless households in Long Island City. Amazon introduced final week that Long Island City can be the location of certainly one of its extra headquarters.

“We’re in celebratory mode. This is a significant grant,” says Nathaniel Fields, president and CEO of Urban Resource Institute, who stated they submitted a grant software just some weeks in the past and count on to obtain the funds by the tip of November.

Another recipient is Northern Virginia Family Service, primarily based in Oakton, Virginia, which can obtain $2.5 million. Amazon is constructing its second new headquarters in close by Crystal City, Virginia.

Other recipients embody the Catholic Charities Archdiocese of New Orleans, the Salvation Army of Greater Houston and Community Rebuilders in Grand Rapids, Michigan.

The $100 million in donations quantities to the most important disclosed sum of cash that Bezos has given away but. The largest present was beforehand the $33 million he donated to fund school scholarships for 1,000 undocumented immigrant highschool college students who stay within the U.S. with Deferred Action for Childhood Arrivals, or DACA, standing. Other earlier presents embody $15 million to his alma mater Princeton University and $10 million to the Museum of History & Industry in Seattle. He additionally donated $11.5 million in Amazon inventory to an unnamed nonprofit group final week, in response to a regulatory submitting.

This can be the primary time Bezos has supported companies for the homeless. Amazon has beforehand come out towards a company tax in its hometown of Seattle that will elevate cash for homeless applications. The tax was repealed in June by the town council, a month after it was instated, following vital stress from Amazon and different companies.

Bezos, 54, has quickly develop into the planet’s richest man. He is presently price $125 billion, in response to Forbes’ real-time rankings. However, because of a decline within the worth of Amazon shares that’s a $35 billion drop since we revealed The Forbes 400 listing in early October. He is trailed by Bill Gates, who’s price $95.6 billion, and Warren Buffett, who has a fortune of $87.1 billion.

In an announcement, Bezos stated he labored with a dozen specialists throughout the nonprofit and authorities sectors to resolve which organizations to fund. He has but to return out with concrete plans for the Day 1 Academies Fund, for which he’ll create a community of Montessori-inspired preschools in low-income areas.



Source link Forbes.com

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